97-8506r
81
RESOLUTION NO. 8506
RESOLUTION AUTHORIZING CANCELLATION OF CERTAIN AD VALOREM TAX
LEVIES ON THE IMPROVEMENT BONDS OF 1980
WHEREAS, Resolution No. 6310 provided for the sale of $6,100,000
Improvement Bonds of 1980 and provided for taxes to be levied for the payment of
principal and interest thereon; and
WHEREAS, Resolution ,No. 6310 certified an ad valorem tax levy for 1998 of
$475,000 for payment of principal and interest on the Improvement Bonds of 1980; and
WHEREAS, it appears desirable to cancel certain ad valorem tax levies to be
levied for 1998, due to substantial prepayment in previous years of special
. assessments and the investment return on these funds; and
WHEREAS, there are presently funds available in the Improvement Bonds of
1980 Fund to pay current principal and interest on such bonds; and
WHEREAS, the ad valorem tax levy requirement includes a 5 percent excess
provision.
NOW, THEREFORE, BE IT RESOLVED by City Council of the City of Richfield,
Minnesota as follows:
1. That the amount levied in 1997, collectible in 1998 on Resolution No. 6310 in the
amount of $475,000 is hereby canceled.
2. That a copy of this resolution shall be sent to the Hennepin County Auditor.
Adopted by the City Council of the City of Richfield, Minnesota this 8th day of
September, 1997.
2Ji~JU
Martin J. Ki , Mayor
ATTEST:
-Ikmao P4lu
Thomas P. Ferber, City Clerk "